Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Florida RE exam > Chapter 8 > Flashcards

Chapter 8 Flashcards

1
Q

What is the difference between real estate and real property?

A

Real estate refers to the home, the ground below it, and the air above it
Reap property is the real estate in addition to the rights associated with it

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are riparian rights?

A

The rights of an owner that has a house bordering running water, like a river or stream

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are littoral rights?

A

Rights of an owner that has a property bordering water that is not flowing like a lake or ocean

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What is erosion?

A

Loss of soil carried away by water

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

What is acretion?

A

Increase in land area from water depositing soil onto the land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

What is alluvion?

A

soil resulting from acretion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

What is reliction?

A

Land that was exposed from the water receding

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What is the difference between tangible and intangible items?

A

Tangible can be touched, something intangible cannot

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What is a fixture?

A

Something that was once personal property but became part of the real estate property because it was permanently attached

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What are trade fixtures?

A

Personal property that was attached to the real estate that was rented or leased but the tenant can remove at the end of the lease

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What tests do the courts use to decide if an item is part of the real estate or personal property?

A

Intent of the parties
Relationship of the parties
Method of annexation
Adaptation of the article

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is the allodial system?

A

system upon which the real property laws are based on in the US

Allows private citizens to own land

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What are the “bundle of rights”

A

Possession
Disposition
Enjoyment
Exclusion
Control

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What does the Enjoyment right mean?

A

Right to quiet use of your property without someone else being able to lay claim to it (get title insurance)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What does the Disposition right entail?

A

The right to sell or give away your property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What does the Control right entail?

A

Right to determine how the property will be used

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

What does the possession right entail?

A

Owner’s right to possess or occupy the property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

What does the Exclusion right entail?

A

Owner’s right to prevent others from entering or using their property

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What is Estate?

A

The degree, nature, and extent of ownership a person has
portion of the bundle of rights the individual has based on the type of estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

What is the difference between freehold and non-freehold estates?

A

Freehold - ownership
Non-freehold - tenant (leasehold)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

What are the types of freehold estates?

A

Fee simple
Life estate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

What is a Fee simple estate?

A

type of estate when the owner has the complete bundle of rights

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

What is a Tenancy in Common?

A

Fee Estate held by two or more persons with equal or unequal shares created by the same or different deeds done at the same or different times. They all have equal rights of use and possession

Does not have the right to survivorship, meaning, it can be left in a will

Not a married couple

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

What is a tenancy in severalty?

A

A fee simple estate held solely by one person

25
Q

What is a joint tenancy?

A

Not a married couple
Fee simple estate shared equally by two or more persons. Acquired at the same time by the same deed
Has a right of survivorship
Possession
Interest
Time
Title

26
Q

What is a Tenancy by the entireties?

A

Married couple. The marriage owns the property. Right of survivorship exists.

27
Q

What type of estate does a tenancy by entireties become when a couple divorces?

A

Tenancy in common

28
Q

What is a life estate?

A

Fee simple estate in which an owner conveys ownership to another for the remainder of their life. The ownership may be left to someone else in a will upon their death

29
Q

What is a life tenant?

A

The person whom will receive the property in a life estate while the owner is alive

30
Q

What is a reversion estate?

A

Ownership of a life estate property returns to the grantor of the estate

31
Q

What is remainder estate?

A

Estate that gives the grantor of a life estate the right to transfer ownership to another person upon the death of the life tenant

32
Q

What is Vested remainderman?

A

the person named by the grantor of a life estate to inherit the property upon the death of the life tenant

33
Q

What is a non-freehold estate?

A

Type of estate in which the tenant has the right of possession and use of the property but no ownership.

34
Q

What are the types of fee simple estates that may be held?

A

Estate in severalty
Tenancy in Common
Joint Tenancy
Tenancy by the entireties

35
Q

What are the types of non-freehold tenancies?

A

Tenancy at will
Tenancy for years
Tenancy at Suffrage

36
Q

What is tenancy at will?

A

Tenancy that exists when a person is in the unit with permission from the landlord for an unspecified amount of time. Can be oral or written.

37
Q

What is tenancy for years?

A

Tenancy that exists when a person is in the unit with permission from the landlord for a specified amount of time (regular lease)

38
Q

What is tenancy at suffrage?

A

Unlawful possession of a unit without the permission of the landlord

39
Q

Which type of estate is the most desirable?

A

Fee simple estate - Tenancy in Common, because it can be sold or left in a will

40
Q

What is elective shares?

A

Provision that protects a surviving spouse from an unfair will. It provides the surviving spouse with 30% of the deceased spouse’s real and personal property owned at the time of death

Must be filed within 4 months

41
Q

What is a decedent?

A

Someone who is deceased

42
Q

What is intestate?

A

Someone who died without a will

43
Q

What is testate?

A

Someone who does with a will

44
Q

What is the law of descent and distribution?

A

Legal method of passing property to heirs of a decedent who does intestate

45
Q

What is a homestead property according to the Florida Constitution

A

in city half an acre
outside of the city, up to 10 acres

46
Q

What protection is provided for homestead property owners?

A

Homestead property is exempt from being forced to sell the property to satisfy personal judgement liens like personal loans and credit cards

47
Q

What is separate property?

A

Property owned by by one spouse prior to the marriage, or acquired during the marriage though an inheritance

48
Q

What is a condominium?

A

Property where the owner has a freehold estate (title and deed) with ownership of their individual unit and a fractional share of common areas in a building

49
Q

What is a Master insurance policy?

A

A document protecting individual condominium units from lawsuits that may arise from accidents that occur in common areas

50
Q

What is a declaration?

A

A document that Florida condo developers need to file to create a condominium association

51
Q

What is a Master deed?

A

Document that conveys the title of a condominium to the condominium association

52
Q

What is in a condominium master deed?

A

Name of the association
Legal description and survey
Unit owner’s membership rights and obligations
bylaws

53
Q

How much time do condo/co-op buyers have to rescind the sales contract after receiving condo/co-op documents?

A

15 days for new condos, 3 days for resale

54
Q

What is a cooperative association?

A

Corporation that owns a multiple unit property and sells shares of stock to individuals to occupy specified space within the building

55
Q

What is a proprietary lease?

A

Document that is given to an individual who purchases stock in a cooperative association to occupy a specified unit

56
Q

What is a timeshare?

A

Type of property that was initially organized as a condominium, where ownership is divided up into small time periods

57
Q

how long do timeshare buyers have to cancel their contract without penalty or obligation?

A

10 days with written notice to the seller

58
Q

What are the HOA disclosures that must be given to buyers when membership in the HOA is required?

A

Mandatory membership
restricted covenants
Failure to pay dues resulting in a possible lien and foreclosure
Other fees
HOA right to amend the restricted covenants

Florida RE exam (18 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions